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HCL’s annual profits
down by 4.12%
New Delhi, September 03, 2008
Indian IT major HCL Infosystems’ profits have shown a
decline of 4.12 percent for the year ending 30 June 2008. HCL
posted a net profit of Rs 304.75 crore in 2007-08 as compared
to Rs 317.85 crore in 2006-07.
HCL Infosystems' consolidated quarterly net-profit fell 23.3
percent on fewer milestone payments and a decline in the
interest-rate sensitive consumer-business, senior officials
said on Tuesday.
HCL Infosystems' system-integration business, which
contributes 30 percent of its revenue, depends on milestone
payments rather than a regular income stream, Chief Financial
Officer Sandeep Kanwar told reporters at a news conference.
"The second factor we did see was consumer business has been
impacted due to the overall economic condition," Kanwar said.
Rising interest rates in India, which are at seven-year highs,
have crimped demand and slowed sales of goods dependent on
financing.
The economy slowed to a 3-½ year low of 7.9 percent in the
June quarter, weighed down by high rates. For the April-June
quarter, HCL Infosystem's profit fell to 651.3 million rupees
from 849 million rupees a year ago. Net sales rose to 31.2
billion rupees from 30.6 billion rupees. HCL Infosystem's
order book stood at 12 billion rupees, to be realised over the
next several quarters, Kanwar said.
HCL Infosystems shares closed 2.6 percent up at 119.75 rupees
in a Mumbai market that was up 3.8 percent.
Commenting on the results, Mr. Ajai Chowdhry, Chairman & CEO,
HCL Infosystems Limited said, “ Innovation has always been a
key strategy for HCL and this year a number of technology
solutions have been launched to meet the needs of our
customers. The year saw good momentum being added to our
System Integration business. HCL capitalized, added service
verticals and bagged orders in a number of diversified
solutions and service offering areas. Our quest to making
technology more relevant and affordable for each individual
has always been a key focus area for us.”
Highlights for FY 07-08
The company has reported quarterly consolidated revenue of Rs.
3155.5 crores, taking consolidated revenues to Rs. 12605.3
crores for the year ended June 30, 2008.
Consolidated profit before tax during the quarter was Rs. 95.6
crores, taking the consolidated profit before tax for the year
to Rs. 430.1 crores.
Consolidated profit after tax during the quarter was Rs. 65.1
crores, taking the consolidated profit after tax for the year
to Rs. 300.1 crores.
Revenue from Computer Systems business during the quarter was
Rs. 876.6 crores, taking the revenues for the year to Rs.
3388.9 crores, a growth of 22 %.
Profit before interest & taxes for Computer Systems business
during the quarter was Rs. 39.1 crores, taking the PBIT for
the year to Rs. 199.5 crores, a growth of 14%.
Revenue from Telecommunication & Office Automation business
during the quarter was Rs. 2278.2 crores, taking the revenues
for the year to Rs. 9222.8 crores.
Profit before interest & taxes for Telecommunication & Office
Automation business was Rs. 70.9 crores, taking the PBIT for
the year to Rs. 285.4 crores.
Consolidated EPS for the year ended 30th June 2008 was Rs.
17.6 per share.
Board of Directors has recommended a final dividend of 100%
per fully paid up share, taking the total dividend for the
year 2007-08 to 400%.
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